Loan Apps You Must Never Borrow From

Apps Removed by Google and FCCPC

The following loan apps have been flagged by the Federal Competition and Consumer Protection Commission for operating without proper regulatory approval or for violating consumer protection laws: If you are owing them do not pay back they are criminal organizations

Delisted in August 2023:

1. WeCredit
2. Hen Credit Loan App
3. Cash Door App
4. Joy Cash – Loan Up To 1,000,000
5. EagleCash App
6. LuckyLoan Personal Loan App
7. GetLoan App
8. EaseLoan Apps
9. Naira Naija
10. CashLawn App
11. EasyNaira App
12. Crediting App
13. Yoyi App
14. Nut Loan App
15. CashPal App
16. NairaEasy Gist Loan App
17. Camelloan App
18. MoneyTreeFinance Made Easy App
19. CashMe App
20. CreditBox App
21. CashMama App
22. Crimson Credit App
23. Galaxy Credit App
24. XCredit
25. iMoney
26. iMoneyPlus-Instant
27. NairaNaija-Instant
28. NowNowMoney
29. Naija Cash
30. FlyPay
31. Spark Credit
32. SwiftKash App
33. SecuCash App
34. Ease Cash App
35. Firstnell App
36. SoftNaira App
37. CashDey App
38. NairaLoans App
39. SwiftCash App

Apps Flagged for Harassment and Illegal Practices:

• LinkCredit – Accused of aggressive unsolicited marketing and harassment
• Goget Credit Loan – Known for coordinated predatory messaging campaigns
• QuickMoney – Pushes "instant cash" offers to unsuspecting users
• TService – Linked to repeated unsolicited loan texts

Apps Banned in Other Markets

The Spy Loan scandal in 2023 revealed more than a dozen malicious loan apps that were available on the Google Play Store. Many of these used similar tactics—collecting vast amounts of personal data and using it to blackmail users. While some of these apps have been removed from the Play Store, they may still be available on third-party marketplaces or through direct APK downloads. Among the apps banned by Google Play are:

• AA Kredit:
• Cashwow
• TrueNaira – Online Loan
• EasyCash
• Oro Préstamo – Efectivo rápido
• CrediBus Préstamos de crédito
• PréstamosDe Crédito-YumiCash
• And others available on third-party marketplaces

How Loan Shark Apps Operate

Understanding the tactics used by these apps is your first line of defense.

1. Aggressive Marketing

Users report receiving unsolicited texts offering "instant cash" and "no-collateral loans," even when they have never signed up for such services. These messages often target individuals in financial distress.

"You would think I am the only one with issues in Nigeria. It is almost as if they want me to die taking loans. Why would four companies target only me? It's unfair." – Tunde Azeez, Lagos resident

2. Excessive Permissions

Once installed, these apps request extensive permissions to access sensitive data on your device, including:

• Contact lists
• Call logs
• SMS messages
• Photos and calendar events
• Location data
• Wi-Fi network information

This data is forwarded to the attackers' servers and used to harass or blackmail users—even if a loan was not provided.

3. Outrageous Interest Rates

Many loan sharks offer loans with interest rates of 40% or more. In some cases, borrowers are expected to repay within 7 to 14 days, which violates Google's policy requiring a minimum 60-day repayment period for personal loans in Nigeria.

4. Harassment and Blackmail

Borrowers who default—or who simply cannot repay on time—face a barrage of abuse:

• Shaming messages sent to phone contacts, accusing the borrower of fraud or being a "ritualist killer"
• Fake obituaries or explicit images created by editing the borrower's photo and sent to friends and family
• Threats of doxing, including posting personal information online
• Public shaming on social media platforms. In one incident, Delinquent Loans posted photos of 87 debtors on TikTok with the caption "Please settle your loans"

"They started calling my phone contacts when I couldn't pay back on time, saying I owed them. I lost my security, and it makes me so sad and scared." – Mariam Ogundairo, victim of a loan shark app

Real-Life Consequences

The impact of these apps goes beyond financial loss. Victims experience lasting damage to their mental health, reputations, and even their lives.

Story 1: Trapped in a Cycle of Debt

A final-year university student took out a 70,000 naira loan in 2023 to complete his research. The loan was due within a month with interest, but he couldn't pay. The app began sending messages to his phone contacts that he was a "ritualist killer."

"A couple of my coursemates got the messages. It wasn't the case of unwillingness to pay, it was just a case of impossibility."

Story 2: Lost a Business Deal

Kunle, who took a loan from a predatory lender, lost a major project because the loan operator contacted the contractor who was about to offer him a new facility. The contractor changed his mind.

Story 3: Tragic Loss of Life

Mrs. Oluseyi shared that one of her domestic staff committed suicide after being unable to repay a loan. The trauma and harassment became unbearable.

How to Spot a Predatory Loan App

Financial advisor Kavya Sharma identifies clear warning signs of a fake loan app:

1. Unrealistic Promises: Guaranteed approval, no income documents required, or large loans without background checks. Legitimate lenders will always ask for documents to verify your identity and financial status.
2. Upfront Payments: Legitimate lenders typically charge a processing fee of up to 6% of the loan amount, deducted directly from the loan or settled after signing the agreement. Fraudulent lenders often demand large sums upfront.
3. No Clear Explanation: Legitimate apps provide clear information about how they operate. If an app is vague about its business model, it's likely a scam.
4. Requests for Excessive Phone Access: If an app asks for access to your contacts, photos, or messages beyond what's necessary for the loan process, it's a red flag.
5. Very Short Repayment Periods: Any app offering loans repayable within 7 to 14 days is violating both Google's policy and Nigerian law.

How to Protect Yourself

Before You Apply

1. Verify FCCPC Approval: Check if the loan app is on the FCCPC's approved list of licensed lenders. This information is publicly available on the FCCPC's website.
2. Read Reviews: User reviews on the Play Store or Apple App Store can reveal patterns of harassment, hidden fees, or data misuse. However, be aware that reviews can be manipulated.
3. Stick with Well-Known Banks: Most fake loan apps use unfamiliar names and are not linked to any reputable financial body. When in doubt, apply for loans directly through a reputable bank's website.
4. Avoid APK Downloads: Never download a loan app from unofficial sources like websites, WhatsApp groups, or Telegram channels. These APK files are not regulated and are often used by fraudsters.

If You Need Help

1. Report to FCCPC: Report illegal loan apps to the FCCPC through their official channels.
2. File a Complaint: Organizations like Citizens' Gavel have received over 1,300 complaints about predatory digital loan apps and can provide legal assistance.
3. Document Everything: Keep screenshots and records of abusive messages. This evidence can be used to build legal cases against the companies.
4. Join Support Groups: Many victims have formed Facebook and Reddit support groups. One Facebook group has over 21,000 members. A Reddit community dedicated to victims has 40,000 members.

"I know that I still have debts to settle, but I will not let these abusive companies destroy my mental health. By reporting, I also feel that I am standing up not just for myself but also for other victims who might be too afraid to speak up." – Melissa, victim of loan shark harassment

Frequently Asked Questions

Are all loan apps dangerous?

No. Many legitimate digital lenders operate transparently with regulatory approval. Always verify a lender's credentials before applying.

Can I report harassment by a loan app?

Yes. You can report to the FCCPC and the Cybercrime Investigation and Coordinating Center (CICC) in Nigeria. Keep records of all abusive communications.

What should I do if a loan app threatens to expose my private information?

Report the threat immediately to authorities. In many jurisdictions, this constitutes a crime under data privacy and cybercrime laws.

Final Words

The promise of fast cash can be tempting when you're in financial distress. But the short-term relief offered by predatory loan apps can lead to long-term devastation. Before downloading any lending app, ask yourself: "If it sounds too good to be true, it probably is."

"When it comes to financial matters, people should not hesitate to visit their banks or call their bank managers to get proper advice. This will not only help clarify doubts but also ensure safety." – Rena William, Academician

If you're considering a loan, take the time to verify the lender, read reviews, and consult trusted financial advisors. Your financial security—and your peace of mind—are worth it.